Rare British stamp sells for over $700,000

Cairo, March 11 (IANS/EFE) A rare Plate 77 Penny Red stamp, one of five used examples known to philatelists, bought by an unnamed British collector for 495,000 pounds sterling (over $707,000), the Guardian reported on Thursday. According to the newspaper, Plate 77 Penny Reds, which date from 1863, became Britain's second most valuable stamp. The sale was arranged by London-based dealers Stanley Gibbons, which said the Plate 77 Penny Red is one of only five used examples known to the world of philately -- another of which is held in the British Museum. Another Plate 77 Penny Red sold in 2012 for 550,000 pounds sterling, making it Britian's most expensive stamp.